Wto Agreement Come Into Force From

Critics also argue that the benefits of WTO-facilitated free trade are not evenly distributed. [124] These criticisms are generally supported by historical reports on the outcomes of the negotiations and/or data, which show that the gap between rich and poor continues to widen, particularly in China and India, where economic inequality is widening while economic growth is very strong. [122] In addition, WTO approaches to reducing trade barriers can harm developing countries. There are fears of premature trade liberalization, without major internal political barriers, to trap developing countries in the primary sector, which often does not require skilled labour. And if these developing countries decide to advance their economies through industrialization, the premature indigenous industry will not be able to fly immediately as planned, making it difficult to compete with other countries with more advanced industries. [125] The current Director-General of the WTO is Roberto Azev├ędo,[11] who manages a staff of more than 600 people in Geneva, Switzerland. [13] On 7 December 2013, all members agreed on an agreement on trade facilitation, which is part of the Bali Decision Package, the first comprehensive agreement in the organization`s history. [14] On 23 January 2017, the amendment to the WTO Agreement on Trade-Related Intellectual Property Rights (TRIPS) is the first time that WTO agreements have been amended since the organization opened in 1995, and this amendment should ensure that developing countries have a legal means of using affordable prices under WTO rules. [16] Although tariffs and other trade barriers have been significantly reduced through the GATT and the WTO, the promise that free trade would accelerate economic growth, reduce poverty and increase people`s incomes has been questioned by many critics. [122] Some prominent skeptics cite the example of El Salvador. In the early 1990s, they eliminated all quantitative import barriers and also reduced tariffs. However, the country`s economic growth has remained weak.

On the other hand, Vietnam, which did not begin to reform its economy until the late 1980s, was very successful in deciding to follow the Chinese economic model and liberalize itself slowly, along with the implementation of safeguards for domestic trade. Vietnam has been largely successful in accelerating economic growth and reducing poverty without immediately removing significant trade barriers. [123] [122] At the end of bilateral discussions, the working group sends to the General Council or The Ministerial Conference a set of memberships summarizing all working group meetings, the accession protocol (draft accession treaty) and lists (“schedules”) of each member`s commitments. Once the General Council or Ministerial Conference has approved the terms of membership, the Parliament of the candidate country will have to ratify the accession protocol before becoming a member. [99] Some countries may have gone through a longer and harder accession process due to difficulties in negotiations with other WTO members, such as Vietnam, whose negotiations lasted more than 11 years before officially becoming a member in January 2007. [100] Among these additions is an amendment to the WTO Intellectual Property Agreement (TRIPS Agreement) to improve developing countries` access to medicines, the WTO Trade Facilitation Agreement, which came into force in February 2017, an amendment adopted in July 2017 to extend the frequency of peer review periods under the Trade Policy Review Mechanism from 2019, and the revised Public Procurement Agreement.